FX.co ★ Elliott wave analysis of EUR/NZD for August 8, 2017

Wave summary:

EUR/NZD continues to rally nicely and broke clearly above minor resistance at 1.5996 as expected to confirm more upside pressure towards 1.6236 and above.

Support is now seen at 1.6005, which ideally will protect the downside for the rally higher, but only a break below support at 1.5832 will invalidate the bullish outlook.

R3: 1.6236

R2: 1.6198

R1: 1.6081

Pivot: 1.6000

S1: 1.5996

S2: 1.5959

S3: 1.5821

Trading recommendation:

We are long EUR from 1.5510 and will move our stop higher to 1.5825. If you are not long EUR yet, then buy near 1.5996 and use the same stop at 1.5825.